Seoul, March 21 (IANS) South Korea’s President Lee Jae Myung on Saturday visited the site of a fire at an automobile parts plant in the central city of Daejeon to inspect relief efforts and meet with bereaved families and victims.Lee made the visit a day after the blaze, which left at least 14 people dead and 59 others injured, including two firefighters, reports Yonhap news agency.He was briefed on the casualties and ongoing disaster response, and urged fire authorities to take measures to prev…
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Seoul, March 20 (IANS) The Ministry of Trade, Industry and Resources launched on Friday a joint task force with private industries to coordinate responses to the United States’ trade investigations into South Korea over structural excess capacity and forced labour, officials said.Earlier this month, the office of the U.S. Trade Representative (USTR) launched consecutive trade inquiries into South Korea and other major economies to uncover what it calls “unfair” trade practices related to structu…
Seoul, March 19 (IANS) Samsung Electronics said on Thursday it plans to invest more than 110 trillion won (US$73.3 billion) this year in research and development and facilities for artificial intelligence (AI) semiconductors as it seeks to strengthen its leadership in the competitive industry.The world’s largest memory chip maker disclosed the plan in a regulatory filing, saying it aims to secure a leading position amid the AI boom, reports Yonhap news agency.The investment marks a 21.7 per cent…
Seoul, March 17 (IANS) South Korean Foreign Minister Cho Hyun sidestepped questions Tuesday on whether the United States had formally asked South Korea to deploy warships to the Middle East as Seoul faces pressure after US President Donald Trump urged allies to send naval vessels to protect the Strait of Hormuz. Cho gave vague answers during a parliamentary session when asked by lawmakers if the government had received any formal or informal request from Washington about sending troops to the re…
Seoul, March 13 (IANS) South Korea’s Industry Minister Kim Jung-kwan said Friday the government’s fuel price cap system is already showing signs of stabilising prices less than a day after taking effect. Kim held a meeting with officials from South Korean oil refineries, gas stations and the Korea National Oil Corporation to review the domestic energy markets on the first day of the fuel price cap system’s implementation, Yonhap News Agency reported. The temporary cap system took effect at midni…
Seoul, March 12 (IANS) Foreign investment in the South Korean stock market recorded its largest ever monthly net outflow in February amid growing caution over a potential artificial intelligence (AI) bubble and profit-taking, central bank data showed on Thursday.Offshore investors sold a net $13.5 billion worth of local equities last month, following $500 million worth of net selling in January, according to the data from the Bank of Korea (BOK), reports Yonhap news agency.The February figure ma…
Seoul, March 12 (IANS) South Korean Prime Minister Kim Min-seok is set to depart for the United States on Thursday to promote South Korea’s bid to host a UN hub and meet with senior US officials, possibly including Vice President JD Vance.Kim’s weeklong trip, which will also take him to Geneva, Switzerland, comes as the government is bidding to host the tentatively named “UN AI hub,” an initiative aimed at bringing together UN bodies, and South Korea’s private and public sectors to produce AI-ba…
Seoul, March 11 (IANS) Ham Jin-woo, a North Korean defector-turned-journalist who went missing in 2017 in border areas between North Korea and China, has been officially recognised by the government as one of seven South Koreans detained in the North, officials said on Wednesday.The unification ministry has newly added Ham to the list of South Koreans held captive in North Korea after consulting with relevant government agencies, according to a ministry official.North Korea has detained seven So…
Seoul, March 10 (IANS) South Korean President Lee Jae Myung said Tuesday that a potential relocation of military assets owned by the US military stationed in South Korea will not affect the deterrence posture against North Korea.Citing media reports that the US Forces Korea (USFK) might have recently shipped out some weapons, including an anti-missile defence system, Lee told a Cabinet meeting, “If you ask if our deterrence strategy against North Korea is severely affected (because of a possible…
Seoul, March 8 (IANS) The government is considering adopting a price cap system for oil for the first time in nearly 30 years, sources said on Sunday, amid concerns over rising energy prices following the escalating conflict in the Middle East.Officials began reviewing the possibility after surging global crude prices were reflected almost immediately in domestic fuel prices, rather than after the typical two-week lag, following U.S.-Israeli strikes on Iran and Tehran’s retaliatory attacks in th…